The Baltic Exchange’s main sea freight index tracking rates for ships carrying dry bulk commodities, fell for the fifth straight session on Thursday, hurt by weaker demand for larger vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 27 points, or 2.7%, to 977.
The capesize index went down by 47 points, or 3.2%, at 1,421, its lowest since June 7.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, decreased by $391 to $11,787.
The panamax index shed 48 points, or 4.8%, to 945 – its biggest daily percentage drop since Feb. 22.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, slipped by $437 to $8,503.
“With the lack of significant demand across the Atlantic and Asian markets, charters continue to hold the upper hand with a growing tonnage list in search of employment,” shipbroker Fearnleys said in a weekly note, referring to the panamax segment.
“Some owners are now entertaining reduced bids to secure business.”
Among smaller vessels, the supramax index edged up by 3 points to 757.
Source: Reuters reported by Anushrdee Mukherjee in Bengaluru and edited by Maju Samuel
